What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-11-14 compared with 2022-08-16 · 171 added, 108 removed, 339 unchanged (45% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,

CURRENT ASSETS

2 unchanged sentences

Accounts receivable

Prepaid expenses

Inventories (Note 6)

Investments (Note 14)

Prepaid expenses and other current assets (Note 4)

Total current assets

5 unchanged sentences

Accounts payable

Payable to related parties

Accrued liabilities

Accrued liabilities – directors and related parties

Long-term debt, current portion (Note 9)

4 unchanged sentences

Total liabilities

COMMITMENTS AND CONTINGENCIES (NOTE 9)

COMMITMENTS AND CONTINGENCIES (Note 10 and 11)

STOCKHOLDERS’ EQUITY

7 unchanged sentences

300,000,000 shares authorized;

106,240,361 shares issued and outstanding

106,373,341 and 106,240,361 shares issued and outstanding

Additional paid-in capital

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

COST OF REVENUE

2 unchanged sentences

Salaries and benefits

Other operating expenses

Other operating and exploration expenses

Legal and professional fees

9 unchanged sentences

TOTAL OTHER INCOME (EXPENSE)

NET INCOME (LOSS)

Preferred dividends

Net income available to common stockholders

Net income per share of common stock

Net income (loss) available to common stockholders

Net income (loss) per share of common stock

Basic and diluted

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the three and six months ended June 30, 2022 and 2021

For the three and nine months ended September 30, 2022 and 2021

Total Preferred Stock

Stockholders’

Paid in Capital

BALANCE, December 31, 2020

10 unchanged sentences

$ ( 32,649,141 )

Issuance of common stock for directors fees (Note 13)

Balances, September 30, 2021

( 32,748,373 )

BALANCE, December 31, 2021

4 unchanged sentences

$ ( 31,571,392 )

Issuance of common stock for directors fees (Note 13)

BALANCE, September 30, 2022

$ ( 31,520,990 )

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six months ended June 30,

Nine months ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

Adjustments to reconcile net income to net cash used by operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash used by operating activities:

Depreciation and amortization

7 unchanged sentences

Accounts receivable

Prepaid expenses

Prepaid expenses and other current assets

IVA receivable and other assets

3 unchanged sentences

( 1,120,730 )

Payable to related parties

Accrued liabilities – directors and related parties

Net cash provided (used) by operating activities

6 unchanged sentences

Purchase of properties, plants and equipment

Net cash provided (used) by investing activities

Net cash used by investing activities

( 13,685,072 )

5 unchanged sentences

Payments on Hillgrove advances payable

( 1,020,799 )

Principal paid on notes payable to bank

7 unchanged sentences

Equipment purchased with note payable

Common stock payable to directors

Payable to related party satisfied with exercise of stock purchase warrants

Issuance of common stock for directors fees

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

September 30, 2022

NOTE 1 - NATURE OF OPERATIONS

22 unchanged sentences

NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2022, and its results of operations for the three and six months ended June 30, 2022, and 2021, and cash flows for the six months ended June 30, 2022 and 2021.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2022, and its results of operations for the three and nine months ended September 30, 2022, and 2021, and cash flows for the nine months ended September 30, 2022 and 2021.

The condensed consolidated balance sheet at December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Operating results for the three and six month periods ended June 30, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.

Operating results for the three and nine-month periods ended September 30, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S.

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

September 30, 2022

Reclassifications

17 unchanged sentences

Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants.

At June 30, 2022 and 2021, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows:

At September 30, 2022 and 2021, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows:

September 30,

Convertible preferred stock

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

September 30, 2022

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

On August 17, 2022, the Company executed a Management and Consultancy Services Agreement (the ‘Consultancy Agreement”) whereby a contractor was engaged to render professional services consisting of management and consultancy for the acquisition of surface rights and other technical services near San Guadalupe, Mexico.

The parties agreed to total consideration of $ 1,035,025 plus associated Value Added Tax (“VAT”).

The Company paid $ 450,000 plus VAT upon execution of the Consultancy Agreement and will pay fifty (50) monthly installments of $ 11,700 plus VAT.

The $ 450,000 initial installment will be amortized over the fifty (50) month term of the agreement and recognized as expense under “Other operating expenses and exploration”.

Prepaid expenses and other current assets at September 30, 2022 and December 31, 2021 are as follows:

September 30,

Prepaid insurance

Prepaid consulting and management fees

Prepaid exploration expense

Other current assets

Less long-term portion

Prepaid and other current assets

The long-term portion of prepaid and other current assets of $ 324,000 is included in “IVA refund and other assets” on the condensed consolidated balance sheet.

NOTE 5 – REVENUE RECOGNITION

4 unchanged sentences

includes unrefined and refined gold and silver

Sales of products for the three-months ended June 30, 2022 and 2021 were as follows:

Sales of products for the three-months ended September 30, 2022 and 2021 were as follows:

For the three months ended

September 30,

Precious metals

TOTAL REVENUE BY PRODUCT

Sales of products for the six months ended June 30, 2022 and 2021 were as follows:

For the six months ended

Sales of products for the nine months ended September 30, 2022 and 2021 were as follows:

For the nine months ended

September 30,

Precious metals

TOTAL REVENUE BY PRODUCT

For the three and six months ended June 30, 2022, the Company also received royalties related to a trademark and licensing agreement in its antimony business segment.

For the three and six months ended June 30, 2022, trademark and licensing income of $ 60,775 is included in other income in the antimony business segment (Note 12).

For the three and six months ended June 30, 2021, trademark and licensing income was $Nil.

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,604,660 at June 30, 2022 and $ 891,314 at December 31, 2021.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,450,314 at September 30, 2022 and $ 891,314 at December 31, 2021.

The Company’s products do not involve any warranty agreements and product returns are not typical.

For the three and nine months ended September 30, 2022, the Company also received royalties related to a trademark and licensing agreement in its antimony business segment and is recognized under “Other Income”.

For the three months ended September 30, 2022 and 2021, royalty income of $ 4,899 and $Nil, respectively was recognized.

For the nine months ended September 30, 2022 and 2021, royalty income of $ 65,674 and $Nil, respectively was recognized

NOTE 6– INVENTORIES

Inventories at June 30, 2022 and December 31, 2021 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value.

Inventories at September 30, 2022 and December 31, 2021 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value.

Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight.

Inventories at June 30, 2022 and December 31, 2021 are as follows:

Inventories at September 30, 2022 and December 31, 2021 are as follows:

September 30,

Antimony Metal

3 unchanged sentences

TOTAL INVENTORIES

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

Inventories are valued at cost except for the portion related to Mexican operations which are valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of the pounds of antimony contained in inventory.

The adjustment to inventory, which is included in cost of revenue on the statements of operations was $ 136,836 and $ 66,054 for the six months ended June 30, 2022 and 2021, respectively.

As of September 30, 2022 and December 31, 2021, inventories are valued at cost except for the portion related to Mexican operations which are valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of the pounds of antimony contained in inventory.

The adjustment to inventory for net realizable value was $ 409,919 and $Nil for the nine months ended September 30, 2022 and 2021, respectively.

Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico.

Antimony concentrates and ore were held primarily at sites in Mexico.

The Company’s zeolite inventory consists of saleable zeolite material.

The Company’s zeolite inventory consists of saleable zeolite material in Idaho.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

NOTE 7 – PROPERTIES, PLANTS AND EQUIPMENT

The major components of the Company’s properties, plants and equipment by segment at June 30, 2022 and December 31, 2021 are shown below:

The major components of the Company’s properties, plants and equipment by segment at September 30, 2022 and December 31, 2021 are shown below:

Antimony Segment

1 unchanged sentence

Precious Metals

June 30, 2022

September 30, 2022

Plant and equipment

Construction in progress

Land and other

Construction in progress

Accumulated depreciation

8 unchanged sentences

Plant and equipment

Construction in progress

Land and other

Construction in progress

Accumulated depreciation

3 unchanged sentences

( 12,110,098 )

At June 30, 2022 and December 31, 2021, the Company had $ 613,035 and $ 665,175 , respectively, of assets that were not yet placed in service and have not yet been depreciated.

Page 10 of 32

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

At September 30, 2022 and December 31, 2021, the Company had $ 328,555 and $ 665,175 , respectively, of assets that were not yet placed in service and have not yet been depreciated.

NOTE 8 – ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS

Changes in the asset retirement obligation for the three and six months ended June 30, 2022 and 2021 are as follows:

Three months ended June 30,

Changes in the asset retirement obligation for the three and nine months ended September 30, 2022 and 2021 are as follows:

Three months ended September 30,

Asset retirement obligation, beginning of period

Change in estimate of asset retirement obligation

Accretion expense

Asset retirement obligation, end of period

Six months ended June 30,

Nine months ended September 30,

Asset retirement obligation, beginning of period

2 unchanged sentences

Asset retirement obligation, end of period

The Company’s total asset retirement obligation and accrued reclamation costs of $ 325,657 and $ 298,649 , at June 30, 2022 and December 31, 2021, respectively, includes reclamation obligations for the Idaho and Montana operations of $ 107,500 .

Page 10 of 33

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

The Company’s total asset retirement obligation and accrued reclamation costs of $ 328,834 and $ 298,649 , at September 30, 2022 and December 31, 2021, respectively, includes reclamation obligations for the Idaho and Montana operations of $ 107,500 .

NOTE 9 – DEBT

Long term debt at June 30, 2022 and December 31, 2021 is as follows:

June 30, 2022

December 31, 2021

Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026;

Long term debt at September 30, 2022 and December 31, 2021 is as follows:

September 30,

Promissory note payable to First Security Bank of Missoula, earing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026;

collateralized by a lien on Certificate of Deposit

3 unchanged sentences

Long term portion

At June 30, 2022, principal payments on debt are due as follows:

Twelve months ending June 30,

At September 30, 2022, principal payments on debt are due as follows:

Twelve months ending September 30,

Principal payment

NOTE 10 – INCOME AND OTHER TAXES

Mexican Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the USAMSA’s 2013 income tax return.

In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $ 666,400 in U.S.

Dollars (“USD”) as of December 31, 2016.

SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return.

The assessment was settled in 2018 with no assessment against the Company.

In early 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $ 16.3 million pesos, which was approximately $ 795,000 USD as of December 31, 2021.

Page 11 of 33

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

September 30, 2022

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believes the findings have no merit.

An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment.

The Company posted a guarantee of the amount in March 2020 as is required under the appeal process.

In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments.

During the three months ended September 30, 2022, the Mexican court ruled against the Company in the above matter.

The Company has appealed the ruling.

As of September 30, 2022, the updated SAT assessment was approximately $ 21.3 million pesos, which was approximately $1.1 million USD for $ 285,000 of unpaid income taxes and $ 815,000 of interest and penalties.

As of September 30, 2022, management assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorney in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due.

Management determined that no amount should be accrued at September 30, 2022 or December 31, 2021 relating to this potential tax liability.

There can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

If an issue addressed during the SAT audit is resolved in a manner inconsistent with management expectations, the Company will record changes to tax attributes, recognize penalties in general and administrative expense, interest will be recorded as interest expense and record the tax expense associated with the assessment.

NOTE 11 – COMMITMENTS AND CONTINGENCIES

6 unchanged sentences

Using appropriate regulatory channels, management may contest these proposed assessments.

At June 30, 2022 and December 31, 2021, the Company had accrued liabilities of $ 1,270 and $Nil, respectively, relating to such assessments.

At September 30, 2022 and December 31, 2021, the Company had accrued liabilities of $Nil and $Nil, respectively, relating to such assessments.

The Company pays various royalties on the sale of zeolite products.

On a combined basis, royalties vary from 8 %- 13 %.

During the three months ended June 30, 2022 and 2021, the Company incurred royalty expense of $ 85,870 and $ 69,437 , respectively.

During the six months ended June 30, 2022 and 2021, the Company incurred royalty expense of $ 147,900 and $ 131,567 respectively.

During the three months ended September 30, 2022 and 2021, the Company incurred royalty expense of $ 78,140 and $ 64,212 , respectively.

During the nine months ended September 30, 2022 and 2021, the Company incurred royalty expense of $ 226,040 and $ 195,779 respectively.

Royalty expense is included in cost of goods sold on the condensed consolidated statement of operations.

At June 30, 2022 and December 31, 2021, the Company had accrued royalties payable of $ 409,887 and $ 346,242 respectively, which is included in accrued liabilities on the condensed consolidated balance sheets.

At September 30, 2022 and December 31, 2021, the Company had accrued royalties payable of $ 426,211 and $ 346,242 respectively, which is included in accrued liabilities on the condensed consolidated balance sheets.

The Company is currently in negotiations with certain royalty holders to modify the terms of the agreements.

On August 8, 2022, the Company executed a preliminary Purchase Option Agreement (the ‘agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property.

Under the agreement, the Company will pay Wadley eight monthly installments of $ 11,600 for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property.

At the end of the eight months, should the Company choose to exercise the option following due diligence and assessment of geological and resource studies, the Company will pay Wadley $ 2,230,000 and seven annual payments of $ 1,160,000 .

NOTE 12 – RELATED PARTY TRANSACTIONS

The Company compensates directors for their contributions to the management of the Company.

During the three months ended September 30, 2022 and September 30, 2021, the Company expensed $ 31,250 and $ 28,125 , respectively, in directors’ fees.

Page 12 of 33

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

During the nine months ended September 30, 2022 and September 30, 2021, the Company expensed $ 106,250 and $ 84,375 , respectively in directors’ fees.

At September 30, 2022 and December 31, 2022, accrued fees due to directors was $ 93,750 and $ 112,500 , respectively, which are included in “accrued liabilities – directors and related parties” on the Company’s condensed consolidated balance sheets

During the three and nine months ended September 30, 2022, the Company paid accrued directors fees of $ 62,500 in cash and $ 62,501 in common stock (Note 13).

NOTE 13 – STOCKHOLDERS’ EQUITY

During the six months ended June 30, 2021, the Company sold shares of its common stock in two separate transactions:

During the nine months ended June 30, 2021, the Company sold shares of its common stock in two separate transactions:

on February 3, 2021, 15,300,000 shares were sold at $ 0.70 for gross proceeds of $ 10,710,000 ;

1 unchanged sentence

A total of $ 1,654,820 of issuance costs were incurred on these sales.

During the six months ended June 30, 2021, the Company issued 3,765,477 shares of common stock and received $ 1,790,703 in cash from the exercise of warrants.

During the three months ended June 30, 2022 and June 30, 2021, the Company expensed $ 46,875 and $ 28,125 , respectively, in directors’ fees payable that are anticipated to be paid in common stock.

During the six months ended June 30, 2022 and June 30, 2021, the Company expensed $ 75,000 and $ 28,125 , respectively in directors’ fees payable

At June 30, 2022 and December 31, 2021, the accrued balance of stock payable to directors fees for services was $ 187,500 and $ 112,500 , respectively.

The Company issued no shares of common stock during the three or six months ended June 30, 2022.

During the three and six months ended June 30, 2022, no warrants were exercised.

During the nine months ended September 30, the Company issued 3,765,477 shares of common stock and received $ 1,790,703 in cash from the exercise of warrants.

On August 24, 2022, the Company issued 132,980 shares of common stock in lieu of cash in consideration of fees for Board of Directors accrued through December 31, 2021.

The number of shares issued was based on the amount of fees due of $ 62,501 divided by the market price of the Company’s common shares on the date of issuance.

Common stock warrants

2 unchanged sentences

In connection with the February 2021 sales of common stock, the Company also issued 1,606,500 warrants with an exercise price of $ 0.85 and 804,000 warrants with an exercise price of $ 0.46 as commission to the placement agent.

There were no warrants exercised during the three or six months ended June 30, 2022.

The Company issued no warrants to purchase common stock during the three or six months ended June 30, 2022.

Page 12 of 32

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

There were no warrants exercised during the three or nine months ended September 30, 2022.

The Company issued no warrants to purchase common stock during the three or nine months ended September 30, 2022.

The following is a summary of the Company’s warrants to purchase shares of common stock activity:

Number of warrants

Exercise prices

3 unchanged sentences

$ 0.46 - $ 0.65

Balance outstanding at December 31, 2021 and June 30, 2022

The composition of the Company’s warrants outstanding at June 30, 2022 is as follows:

Balance outstanding at December 31, 2021

Balance outstanding at September 30, 2022

Page 13 of 33

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

The composition of the Company’s warrants outstanding at September 30, 2022 is as follows:

Number of warrants

Exercise Price

Weighted Average Exercise Price

Expiration Date

Remaining life (years)

Weighted Average Remaining life (years)

NOTE 14 – INVESTMENTS

In April 2022, the Company opened an investment account composed of U.S.

Treasury bonds which are measured using Level 1 fair value inputs that are based on quoted prices in active markets.

For the three and six months ended June 30, 2022, the Company recognized $ 93,458 in the change in fair value of investments on the condensed consolidated statement of operations.

As of June 30, 2022, the cost and fair value of the investment portion of the account was $ 13,492,655 and $ 13,431,774 , respectively.

As of June 30, 2022, the cash and cash equivalent portion of the account was $ 132,380 , which is included in cash and cash equivalents on the condensed consolidated balance sheet.

In April 2022, the Company opened an investment account composed primarily of fixed income mutual funds and U.S.

Treasury bonds which are measured using Level 1 fair value inputs that are based on quote prices in active markets.

For the three months ended September 30, 2022, the Company recognized $ 25,840 in the change in fair value of investments on the condensed consolidated statement of operations.

For the nine months ended September 30, 2022, the Company recognized a change in fair value of investments of $ 119,298 on the condensed consolidated statement of operations.

As of September 30, 2022, the cost and fair value of the investment portion of the account was $ 13,061,469 and $ 12,973,553 , respectively.

As of September 30, 2022, the cash and cash equivalent portion of the account was $ 442,097 which is included in cash and cash equivalents on the condensed consolidated balance sheet.

NOTE 15 – BUSINESS SEGEMENTS

1 unchanged sentence

United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations.

Page 13 of 32

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

The Puerto Blanco mill and the Madero smelter at the Company’s Mexico operation bring antimony up to an intermediate or finished stage, which may be sold directly or shipped to the United States operation for finishing at the Thompson Falls, Montana plant.

3 unchanged sentences

Almost all of the sales of products from the United States antimony and zeolite operations are to customers in the United States, although the Company does have a sales operation in Canada.

For the three months ended June 30,

For the six months ended June 30,

Page 14 of 33

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

For the three months ended

September 30,

For the nine months ended

September 30,

Capital expenditures

3 unchanged sentences

Total Assets:

September 30,

United States

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

Segment operations for the three months ended June 30, 2022

September 30, 2022

Segment operations for the three months ended September 30, 2022

Antimony - USA

4 unchanged sentences

Depreciation and amortization

Income from operations

Income (loss) from operations

$ ( 817,746 )

Other income (expense)

Page 15 of 32

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

Segment operations for the three months ended June 30, 2021

NET INCOME (LOSS)

$ ( 817,746 )

Segment operations for the three months ended September 30, 2021

Antimony - USA

9 unchanged sentences

Other income (expense)

NET INCOME (LOSS)

$ ( 673,739 )

Segment operations for the six months ended June 30, 2022

$ ( 131,740 )

Page 16 of 33

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2022

Segment operations for the nine months ended September 30, 2022

Antimony - USA

9 unchanged sentences

$ ( 1,477,387 )

Segment operations for the six months ended June 30, 2021

Segment operations for the nine months ended September 30, 2021

Antimony - USA

8 unchanged sentences

$ ( 685,878 )

$ ( 573,916 )

Other income (expense)

2 unchanged sentences

$ ( 487,916 )

NOTE 13 – SUBSEQUENT EVENTS

On August 8, 2022, the Company executed a Purchase Option Agreement (the ‘agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property.

Under the agreement, the Company will pay Wadley eight monthly installments of $ 11,600 for the right to mine and conduct geological and resource studies on the Wadley Property.

Page 17 of 33

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements